Sears is Dead Meat. There is no turnaround. There is nothing even slowing down the plunge. Instead, the plunge is accelerating. This is a free-fall.
Some of the media outlets put the net income figure into the headline – a profit in Q4 of $182 million. But it was due to an “income tax benefit” of $539 million. As Sears explained it, a “non-cash tax benefit.” Of that, $470 million was “related to tax reform.” So no additional cash. No reduction in income taxes either because Sears has been losing so much money for so long it hasn’t paid income taxes in years. So this is just a meaningless number.